If you price your Denver home right from the start, your selling experience will likely prove to be a significantly less stressful journey than if you price too high or too low. Of course, as you may already know, determining your listing price is not an easy decision to make. This five-point process for Denver sellers will help determine a price that will keep you competitive in your market to attract attention from serious buyers.
1. Detach Emotionally
Selling a home can stir up a lot of emotions, especially if you grew up there, raised a family, or put a lot of sweat into remodeling on your own. Emotions can often get in the way of setting a realistic price. It’s important to view the process from an unbiased standpoint.
2. Take Advantage of the Internet
The Internet can be a Denver seller’s best friend. First, there are a lot of smart pricing tools that will provide you with an estimate based on your address and answers to a few basic questions. Second, you can use the Internet to compare your home to current similar listings, as well as those recently sold. There won’t be another home exactly the same, but this will at least give you an idea. Stick with homes within a 5-mile radius, and if there is an imaginary line within that radius dividing school districts, always compare your home to houses within the same district.
3. Determine if Updates Are Needed
Sometimes, small cosmetic changes can make your home more competitive. An experienced real estate agent can walk through the house and suggest improvements that need to be made. Something as simple as swapping old hardware and lighting fixtures for more modern pieces could make your home a bit more current and in-line with what buyers in your area are looking for. Your agent can give you a recommended price range, but the decision is ultimately up to you.
4. Consider Encouraging a Bidding War
Your agent will know best if your home would be a good candidate to build a bidding war. In this case, you would price low to attract multiple bids. Then, the agent will call for the “highest and best” bid, and you will select whom to sell to. This doesn’t work with every home. Quite often, school district and parking play major roles in this decision.
5. Don’t Price too High
You may be thinking that since you aren’t in a hurry at all to move that you can just list high and gradually reduce, if you don’t receive the offers you’re looking for. A price drop can be attractive and may lure buyers previously interested in your property, but it also makes your home stale on the market.
When setting your listing price it’s important to think like a buyer. What does your home have that distinguishes it from other properties? What don’t you have that could demand a lower price? Getting the price right from the beginning will help you get the maximum bid within your ideal selling timeline.